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Hi,
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I MEANS YOU ARE OVERHEATING MAKE SURE YOU HAVE ENOUGH ANTIFREEZE AND MAKE SURE YOU COOLING FAN IS WORKING I HAD A PROBLEM WITH 2 PT CRUISERS IT WAS THE WIRING GOING TO THE COOLING FAN IN FRONT OF THE RADIATOR TO CKECK THE FAN PUT YOUR AC ON THE FAN SHOULD AUTOMATICALLY COME ON IF IT DONT YOUR PROBLEM IS IN THE FAN

P0700 simply means there is a fault code present in the transmission module (TCM). P0740 Torque converter clutch circuit. This is usually caused by a worn out torque converter clutch which would involve replacing the torque converter and yes it would be expensive to repair if that is the cause. Diagnosis is usually made with a scanner and other equipment.